$WULF
TERAWULF INC.

2020 Q3 Form 10-Q Financial Statement

#000143774920023427 Filed on November 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $3.135M $4.530M $4.596M
YoY Change -30.8% -2.6% -0.81%
Cost Of Revenue $2.261M $3.118M $3.168M
YoY Change -27.49% -0.2% 6.6%
Gross Profit $873.8K $1.412M $1.428M
YoY Change -38.12% -7.52% -14.07%
Gross Profit Margin 27.87% 31.17% 31.08%
Selling, General & Admin $979.8K $1.347M $1.339M
YoY Change -27.28% -1.57% 2.28%
% of Gross Profit 112.13% 95.42% 93.73%
Research & Development $136.5K $218.5K $270.5K
YoY Change -37.51% 21.43% 72.85%
% of Gross Profit 15.62% 15.47% 18.93%
Depreciation & Amortization $527.4K $170.0K $170.0K
YoY Change 210.21% -15.0% -19.05%
% of Gross Profit 60.35% 12.04% 11.9%
Operating Expenses $1.116M $1.566M $1.609M
YoY Change -28.71% 1.1% 9.82%
Operating Profit -$242.5K -$153.8K -$180.9K
YoY Change 57.67% 601.01% -191.88%
Interest Expense $24.59K $22.80K $22.52K
YoY Change 7.86% -2.14% -5.43%
% of Operating Profit
Other Income/Expense, Net $40.00 $20.00K $20.00K
YoY Change -99.8% 100.0% 100.0%
Pretax Income -$267.1K -$160.4K -$186.1K
YoY Change 66.52% 409.49% -200.67%
Income Tax $6.929K $2.361K -$70.40K
% Of Pretax Income
Net Earnings -$274.0K -$162.7K -$115.7K
YoY Change 68.36% 557.5% -179.62%
Net Earnings / Revenue -8.74% -3.59% -2.52%
Basic Earnings Per Share -$0.14 -$0.08 -$0.06
Diluted Earnings Per Share -$0.14 -$0.08 -$0.06
COMMON SHARES
Basic Shares Outstanding 1.976M 1.979M 1.982M
Diluted Shares Outstanding 1.976M 1.979M 1.982M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.501M $3.200M $3.200M
YoY Change 9.4% -25.58% -25.58%
Cash & Equivalents $3.501M $758.7K $297.2K
Short-Term Investments $0.00 $2.500M $2.900M
Other Short-Term Assets $160.7K $1.000M $300.0K
YoY Change -83.93% 400.0% 50.0%
Inventory $2.156M $2.573M $2.512M
Prepaid Expenses
Receivables $1.417M $2.211M $2.223M
Other Receivables $241.5K $0.00 $200.0K
Total Short-Term Assets $7.476M $8.946M $8.420M
YoY Change -16.44% 2.57% -4.31%
LONG-TERM ASSETS
Property, Plant & Equipment $7.550M $7.934M $7.987M
YoY Change -4.84% -3.42% -2.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $7.798M $8.216M $8.280M
YoY Change -5.08% -4.29% -3.73%
TOTAL ASSETS
Total Short-Term Assets $7.476M $8.946M $8.420M
Total Long-Term Assets $7.798M $8.216M $8.280M
Total Assets $15.27M $17.16M $16.70M
YoY Change -11.0% -0.83% -4.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $459.1K $800.0K $500.0K
YoY Change -42.61% 14.29% -37.5%
Accrued Expenses $514.0K $1.200M $600.0K
YoY Change -57.16% 140.0% 50.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.459M $132.5K $131.4K
YoY Change 2511.03% 3.28% 31.39%
Total Short-Term Liabilities $4.432M $2.106M $1.238M
YoY Change 110.44% 57.52% -11.54%
LONG-TERM LIABILITIES
Long-Term Debt $478.1K $2.722M $2.755M
YoY Change -82.44% -4.64% -4.99%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $478.1K $2.722M $2.938M
YoY Change -82.44% -9.61% 1.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.432M $2.106M $1.238M
Total Long-Term Liabilities $478.1K $2.722M $2.938M
Total Liabilities $4.910M $4.828M $4.177M
YoY Change 1.69% 11.03% -5.07%
SHAREHOLDERS EQUITY
Retained Earnings $7.435M $9.417M $9.602M
YoY Change -21.05% -6.2%
Common Stock $2.930M $2.917M $2.921M
YoY Change 0.43% -0.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.36M $12.33M $12.52M
YoY Change
Total Liabilities & Shareholders Equity $15.27M $17.16M $16.70M
YoY Change -11.0% -0.83% -4.02%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$274.0K -$162.7K -$115.7K
YoY Change 68.36% 557.5% -179.62%
Depreciation, Depletion And Amortization $527.4K $170.0K $170.0K
YoY Change 210.21% -15.0% -19.05%
Cash From Operating Activities -$630.1K $150.0K -$150.0K
YoY Change -520.08% -21.05% -119.48%
INVESTING ACTIVITIES
Capital Expenditures -$162.9K $110.0K $120.0K
YoY Change -248.08% -38.89% -60.0%
Acquisitions
YoY Change
Other Investing Activities $2.223M $490.0K $0.00
YoY Change 353.73% 113.04% -100.0%
Cash From Investing Activities $2.060M $380.0K -$120.0K
YoY Change 442.21% 850.0% -77.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.107M -60.00K -50.00K
YoY Change -1944.92% 100.0% 66.67%
NET CHANGE
Cash From Operating Activities -630.1K 150.0K -150.0K
Cash From Investing Activities 2.060M 380.0K -120.0K
Cash From Financing Activities 1.107M -60.00K -50.00K
Net Change In Cash 2.537M 470.0K -320.0K
YoY Change 439.84% 135.0% -260.0%
FREE CASH FLOW
Cash From Operating Activities -$630.1K $150.0K -$150.0K
Capital Expenditures -$162.9K $110.0K $120.0K
Free Cash Flow -$467.2K $40.00K -$270.0K
YoY Change -1268.07% 300.0% -157.45%

Facts In Submission

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18297
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
15596
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
2205000
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
4410000
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
16528727
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
16403811
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7550029
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7915984
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
107554
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
104772
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
17500
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
9337101
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3134984
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4530361
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9204615
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12655463
CY2020Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
979773
CY2019Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1347404
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3963100
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4068230
us-gaap Share Based Compensation
ShareBasedCompensation
10138
us-gaap Share Based Compensation
ShareBasedCompensation
6330
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5332
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.19
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
11750
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
12.99
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
10000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3250
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
19250
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.97
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.67
CY2020Q3 us-gaap Short Term Investments
ShortTermInvestments
CY2019Q4 us-gaap Short Term Investments
ShortTermInvestments
2205000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2019Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
28627
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
49596
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
10364331
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
12256698
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
10635565
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
12523159
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
12334278
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
13111030
CY2020Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1976354
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1978926
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1976354
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1981568
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1976354
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1978926
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1976354
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1981568

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